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Swiss parliamentary commission opposes UBS-US pact

The Swiss Lower House’s foreign affairs commission has voted, 15-9, against a government plan under which UBS would by June turn over confidential client data pertaining to 4,450 accounts of alleged tax evaders to US authorities.

Arguing that the pact would undermines Swiss law, hurt Swiss banks, and eventually weaken client trust, the panel recommended that lawmakers reject the plan during this summer's parliamentary session in June.